Invest in Monaco
Stretching 2km², with 40 additional hectares reclaimed from the sea and 4km of coastal strip, the Monegasque Principality totals 37 800 inhabitants spread over 120 nationalities. This unique diversity offers an economic and cultural dynamism of the first order.
An economy in good shape
In 2014, those 5 143 companies listed in the Principality constituted an economic dynamism to the envy of other European countries with a growth rate of +7.2%, an unemployment rate just shy of 2% and 52 177 recorded jobs. The “Other service activities” sectors (arts, sports clubs, domestic staff, casinos etc) along with “Real estate activities” saw a high increase of growth at +29.3% of its GDP.
Monégasque real estate: a demand that remains important
The map of the Principality is divided into eight districts representing 61% of the Principality’s residences: Monte-Carlo, Fontvieille, La Condamine, La Rousse, Jardin Exotique, Larvotto, Les Moneghetti, Monaco Ville and Sainte Dévote.
Whether it’s new or old, the market is doing well as long as demand is high. In comparison with 2013, the number of resales in 2014 increased by 37% and by 69% of the transactional amount. According to the ‘L’Obseravtoire de l’immobilier’ the average price of transactions in new property was multiplied by four since 2011.
Just like in 2013, real estate is both covered by the sale of exceptional properties as well as the marketing of real estate programs (Monte Carlo View, Tour d’Odéon, etc…). These results are coherent with the increased number of transactions and especially the amount of such transactions (+63%) as seen in 2014.
Newly built apartments are larger and more luxurious than those built prior. In terms of the number of equivalent transactions, the market value has progressed significantly faster than the average price per square meter.
2014 remains a record year for the real estate market in the Principality. The combined amount of transactions has until now reached unknown levels, which strongly influence the rise of all indicators.
The sale and resale of property drives the market towards an upward trend.
Selling or looking to buy in Monaco, contact us.
Source: IMSEE, December 2014